Tether revealed its initiative to expand beyond Ethereum to add a network option for traders to use.
According to a press release on May 17, Tether will go live on for Avalanche’s DeFi ecosystem. Avalanche is a decentralized smart contracts platform created for the scale of finance.
To announce this launch, the Tether team said,
"We’re pleased to announce that Tether tokens (USDT) will be available on Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives and new interoperable blockchains."
"We are thrilled to initiate USDt’s launch on Avalanche,” said Paolo Ardoino, CTO at Tether. Also, he said this launch would give traders a unique way to transfer USDT on many exchanges. Precisely, a fast and cost-effective way.
In addition, Paolo Ardoino noted that some of the brightest minds had endorsed Avalanche’s vision. This resulted in a highly scalable blockchain with low transaction fees and interoperability in the space.
Also, Avalanche CEO Emin G?n Sirer noted that USDT on Avalanche will add another core infrastructure to their DeFi ecosystem. Also, the stablecoin will be a welcome bonus to users and developers.
Tether is famous on exchanges. Besides, it gives users a suitable way to cash out their holdings. USDT is the largest stablecoin with a market cap of over $58 billion.
Recently, Tether (USDT) became the first stablecoin to be launched on Solana. Solana is an ultra-high-speed Layer 1 blockchain. This will let users conduct faster transactions and build cheaper DeFi applications.
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